Bangladesh to become manufacturing hub, regional gateway: PM

Prime Minister Tarique Rahman today (3 September) said the government's mission is to transform Bangladesh into a manufacturing hub and a gateway to the region, with electronics, pharmaceuticals, light engineering and green industries driving the country's next phase of economic growth.

Speaking at the signing ceremony of a $1 billion financing agreement with the Islamic Development Bank (IsDB) for the modernisation and expansion of Eastern Refinery Limited, he also said this deal is more than a financial transaction, calling it a "statement of confidence" in Bangladesh.

"Garments built our first growth story. Now we want electronics, pharmaceuticals, light engineering, and green industry to build the next one. We want factories that create jobs and dignity," Tarique said.

He said the Eastern Refinery project is not merely an investment in the energy sector but an investment in Bangladesh's energy security, economic resilience and long-term capacity to grow.

Tarique said Bangladesh has a new government and a new direction, with a target of building a trillion-dollar economy by 2034.

"This is not a slogan. It is a plan. We intend to double the size of our economy this decade through exports, investment, and financial discipline," Tarique said.

He said the government has also launched the Family Card and Farmers Card and is processing the Health Card to provide direct support to citizens.

Earlier, IsDB signed a US$1 billion financing agreement with Bangladesh for the modernisation and expansion of the Eastern Refinery Project.

The agreement was signed at the Cabinet Division of the Bangladesh Secretariat in the presence of Prime Minister Tarique Rahman and the IsDB Group President Dr Muhammad Al Jasser.

Economic Relations Division Additional Secretary Dr Md Mizanur Rahman, on behalf of the government, and IsDB Director General (Country Programmes) Anasi Aissami, on behalf of the bank, inked the agreement.

The project will increase the refinery's annual crude oil processing capacity by 3 million metric tonnes.

Tarique thanked the Economic Relations Division, Energy and Mineral Resources Division, Eastern Refinery Limited and the IsDB Regional Hub in Dhaka for their efforts in making the financing deal possible.

"I hope this project becomes a landmark in Bangladesh–Islamic Development Bank cooperation, and that it shows what trusted, results-driven partnerships can achieve," he said.

Tarique said geopolitical tensions and conflicts, disruptions to global supply chains, energy and food insecurity, climate change, technological transformation and rising development financing costs are putting additional pressure on developing economies.

"No country can face these alone. Partnerships matter more than ever," he said.

The prime minister said Bangladesh wanted to develop a new approach to cooperation with the IsDB that would be more innovative, responsive, result-oriented and closely aligned with the country's evolving development priorities.

"Bangladesh is focusing more on IsDB and its affiliates as reliable sources of development financing," he said.

The prime minister appreciated IsDB President Dr Muhammad Sulaiman Al Jasser's leadership in establishing the Islamic Concessional Fund (ICF) as a low-cost financing window for developing-country members.

Tarique said Bangladesh is deeply committed to benefiting from the ICF and that the Economic Relations Division is working with the IsDB Regional Hub in Dhaka to identify potential projects.

He also called on the IsDB to use its platform to strengthen cooperation among member countries.

"Some member states lead in energy. Others lead in infrastructure. The Bank can be the bridge between them—let the members build with each other, not just alongside each other," the prime minister said.

Congratulating Al Jasser on his re-election as IsDB president, Tarique expressed confidence that his second term would bring greater achievements for the bank's member countries.

He thanked the IsDB president for visiting Bangladesh and for his role in strengthening Bangladesh-IsDB relations.

"Let this occasion renew our shared commitment—to partnership, solidarity, innovation, and shared prosperity," the prime minister said.